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The zones of discrimination for M-Score is as such:
An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.
Quanta Services, Inc. has a M-score of -2.53 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of Quanta Services, Inc. was -1.58. The lowest was -3.06. And the median was -2.53.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Quanta Services, Inc. for today is based on a combination of the following eight different indices:
|M||=||-4.84||+||0.92 * DSRI||+||0.528 * GMI||+||0.404 * AQI||+||0.892 * SGI||+||0.115 * DEPI|
|=||-4.84||+||0.92 * 0.9835||+||0.528 * 0.9789||+||0.404 * 1.0661||+||0.892 * 1.1018||+||0.115 * 1.1101|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0456||+||4.679 * -0.027||-||0.327 * 1.0509|
* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.
|This Year (Dec13) TTM:||Last Year (Dec12) TTM:|
|Accounts Receivable was $1,439 Mil.|
Revenue was 1817.623 + 1645.132 + 1474.377 + 1585.71 = $6,523 Mil.
Gross Profit was 302.843 + 273.053 + 241.284 + 238.273 = $1,055 Mil.
Total Current Assets was $2,313 Mil.
Total Assets was $5,793 Mil.
Property, Plant and Equipment(Net PPE) was $1,206 Mil.
Depreciation, Depletion and Amortization(DDA) was $162 Mil.
Selling, General & Admin. Expense(SGA) was $501 Mil.
Total Current Liabilities was $1,044 Mil.
Long-Term Debt was $0 Mil.
Net Income was 166.697 + 92.906 + 70.237 + 72.081 = $402 Mil.
Non Operating Income was 113.299 + -0.824 + -0.353 + -0.513 = $112 Mil.
Cash Flow from Operations was 201.492 + 83.192 + 117.776 + 44.132 = $447 Mil.
|Accounts Receivable was $1,328 Mil.
Revenue was 1673.342 + 1532.001 + 1386.162 + 1328.764 = $5,920 Mil.
Gross Profit was 286.739 + 252 + 212.904 + 186.064 = $938 Mil.
Total Current Assets was $2,202 Mil.
Total Assets was $5,141 Mil.
Property, Plant and Equipment(Net PPE) was $1,046 Mil.
Depreciation, Depletion and Amortization(DDA) was $158 Mil.
Selling, General & Admin. Expense(SGA) was $435 Mil.
Total Current Liabilities was $881 Mil.
Long-Term Debt was $0 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(1439.115 / 6522.842)||/||(1328.081 / 5920.269)|
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(273.053 / 5920.269)||/||(302.843 / 6522.842)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (2313.318 + 1205.608) / 5793.245)||/||(1 - (2201.727 + 1045.983) / 5140.757)|
4. SGI = Sales Growth Index
Ratio of sales in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
5. DEPI = Depreciation Index
Measured as the ratio of the rate of depreciation in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
|DEPI||=||(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))||/||(Depreciation_t / (Depreciaton_t + PPE_t))|
|=||(157.994 / (157.994 + 1045.983))||/||(161.625 / (161.625 + 1205.608))|
6. SGAI = Sales, General and Administrative expenses Index
The ratio of SGA expenses in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
|SGAI||=||(SGA_t / Sales_t)||/||(SGA_t-1 /Sales_t-1)|
|=||(501.01 / 6522.842)||/||(434.894 / 5920.269)|
7. LVGI = Leverage Index
The ratio of total debt to total assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase$sgai= in leverage
|LVGI||=||((LTD_t + CurrentLiabilities_t) / TotalAssets_t)||/||((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)|
|=||((0 + 1043.52) / 5793.245)||/||((0 + 881.179) / 5140.757)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(401.921 - 111.609||-||446.592)||/||5793.245|
An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.
Quanta Services, Inc. has a M-score of -2.53 suggests that the company will not be a manipulator.
Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations
Quanta Services, Inc. Annual Data
Quanta Services, Inc. Quarterly Data